Andersen Capital Management Stock Holdings

[Jule Kue]

HighConviction Stock Picking: Employs deep credit research to identify opportunities in equities. Concentrated, go-anywhere, long stock portfolio of 10-15 high-conviction holdings. Focus on situations that equity markets are often ill-equipped to assess, particularly with companies in early stages of capital structure or credit-related inflection points. Also identifies other market inefficiencies overlooked by traditional securities analysts. Andersen utilizes disconnects between debt and equity markets created by differences in analyst training, asset manager organization, and fund mandates.

Virtus Investment Partners is a premier provider of investment solutions to individuals, financial professionals, and institutions. We aim to offer distinguished strategies and original perspectives to help our clients achieve better outcomes.

Virtus aims to drive better investor outcomes through distinguished investment strategies that strive to improve investor portfolios. Whether it is through risk-aware equity portfolios, flexible fixed income portfolios, or thoughtful non-traditional strategies, Virtus is proud to offer a select list of solutions.

The Fund seeks to generate attractive risk-adjusted long-term returns by investing in the stocks of U.S. small-cap companies with durable competitive advantages, excellent management, lower financial risk, and strong growth trajectories. A disciplined investment process is employed to identify businesses that are differentiated by above-average returns on capital and trading at attractive valuations.

IBD uses the following methodology each year to compile the IBD Best Mutual Funds report: Using data provided by Morningstar, IBD looks at all the mutual funds with at least a 10-year track record. From this, the total number of eligible funds are determined. Eligible funds are those open at least 10 years. The winning funds are only those that outperform their benchmark for the past one, three, five, and 10 years. Morningstar rankings are not used in the methodology.

Founded in 1984, Kayne Anderson Rudnick (KAR) manages quality-focused equity strategies across investment styles, market caps, and geographies. KAR believes that strong risk-adjusted returns may be achieved through investment in high-quality companies with market dominance, excellent management, financial strength, and consistent growth, purchased at reasonable prices.

Jon Christensen is a portfolio manager and senior research analyst at Kayne Anderson Rudnick Investment Management, an investment management affiliate of Virtus Investment Partners. He has primary research responsibilities for the small- and mid-cap health care and industrials sectors.

Before joining Kayne Anderson Rudnick in 2001, Mr. Christensen was a portfolio manager and senior research analyst for Doheny Asset Management.

Mr. Christensen earned a B.S. in mathematics/applied science from the University of California, Los Angeles, and an M.B.A. from California State University, Long Beach. He is a Chartered Financial Analyst (CFA) charterholder. He began working in the investment industry in 1995.

Before joining Kayne Anderson Rudnick in 2002, Mr. Beiley worked as an associate analyst in equity research at Prudential Securities. Prior to that assignment, he was an equity research associate at RNC Capital Management.

Mr. Beiley earned a B.S. in finance from Northern Arizona University and an M.B.A. from the University of Southern California. He is a CFA charterholder and has been working in the investment industry since 1999.

Extensive fundamental research favors companies with less business risk, as defined by lower earnings variability, consistent and profitable growth, high returns on capital, strong free cash flow, and a low organic need for external financing, all of which can help to protect profits in difficult markets

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Investors should carefully consider the investment objectives, risks, charges and expenses of any Virtus Mutual Fund before investing. The prospectus and summary prospectus contains this and other information about the fund. Please contact your financial representative, call 1-800-243-4361 to obtain a current prospectus and/or summary prospectus. You should read the prospectus and/or summary prospectus carefully before you invest or send money.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Average annual total return is the annual compound return for the indicated period. It reflects the change in share price and the reinvestment of all dividends and capital gains. NAV returns do not include the effect of any applicable sales charges. POP and w/CDSC returns include the effect of maximum applicable sales charges.

yeardocument.getElementById("disclosures-year").innerHTML = new Date().getFullYear();Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

WCM takes an audacious approach to equity research that is not constrained by the status quo. This pervades everything we do, from constructing portfolios distinct from their respective benchmarks to focusing on unique business elements, such as moat trajectory.

Through candor and self-awareness, we strive for continuous improvement. While the importance of self-improvement is readily apparent, the same mistakes are often repeated in the investment management industry; too few critically analyze past decisions, and many fail to establish discipline sufficient to minimize excess risk.

Sanjay joined WCM in 2007; his primary responsibilities are portfolio management and equity research for our global, fundamental growth strategies. Since he began his investment career in 2002, Sanjay's experience includes a position as Equity Analyst at Morningstar, Inc. in Chicago, where he covered the gaming, cruise, and online travel industries, and an earlier position at J. & W. Seligman & Co. in New York as a performance analyst. Sanjay graduated Phi Beta Kappa from Johns Hopkins University (Maryland) with a B.A. in Economics and B.S. in Applied Mathematics.

Ross joined WCM in 2022; his primary responsibility is equity research for our global, fundamental growth strategies. Since the start of his investment career in 2018, Ross' experience includes a position as Equity Analyst on Blackrock's US Growth Team, where he focused on small/midcap growth investing. Ross graduated Phi Beta Kappa from Tufts University (Massachusetts) with a B.A. in Economics.

Paul joined WCM in 1989; his primary responsibility is portfolio management for our global, fundamental growth strategies. Since the start of his investment career in 1983, Paul's experience includes positions as Portfolio Manager with Wells Fargo Private Banking Group, and with Bank of America. At WCM, Paul has helped define the firm's investment strategy and pilot the firm's direction. In addition to his active role in portfolio management, he has also served as a client liaison for the communication of the firm's investment thinking. Paul earned his B.S. in Finance from California State University, San Diego.

Miles joined WCM in 2019; his primary responsibilities are driving execution, solving problems, and leading data-centric projects for the global, fundamental growth research team and strategies. Since the start of his investment career in 2011, Miles' investment industry experience includes a position as Portfolio Strategist at OppenheimerFunds, and a position as Research Associate at Jefferies Group, LLC in New York. Earlier, he held multiple positions with FactSet in Sydney, Australia and San Mateo, California. Miles graduated from University of California, Berkeley with a B.A. in Economics.

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